Tuesday, February 19, 2008
Of Planks and Specks-2
"Yesterday, the [SEC] announced a settlement with Mr. [David] Li and two others to pay a total of $24 million in illegal profits and penalties to resolve insider trading charges. Mr. Li, chairman and chief executive of Bank of West Asia Ltd., agreed to pay an $8.1 million penalty to settle insider-trading charges with the SEC, without admitting or denying wrongdoing. ... 'We hope this case sends a forceful reminder to corporate insiders that they need to exercise careful discretion when discussing business matters outside the boardroom and executive suite,' Linda Thomsen, [LT] the SEC's director of enforcement, said in a statement", WSJ, 6 February 2008.
Yes, LT, it sends a message: when engaged in insider-trading, make at least $24 million, lest you be prosecuted like the peasants in my 19 January 2008 post, Raben and Bouchard, who went to prison over less than $100,000. Anatole of France lives. I wonder which law firm, stuffed with dozens of "former" AUSA's negotiated Li's deal?